Which of the following is true regarding the HO-5 form?

Provides open peril coverage on the buildings and their contents.

Provides open peril coverage on buildings and broad form peril coverage on their contents.

Provides broad form peril coverage on the buildings and their contents.

Provides broad form peril coverage on the buildings and named peril coverage on their contents.

Answer: Provides open peril coverage on the buildings and their contents.